Decision details

Decision details

West Herts Crematorium Joint Committee – Loan Agreement

Decision Maker: Cabinet, Council

Decision status: Recommendations approved

Is Key decision?: No

Is subject to call in?: No

Purpose:

To seek Council approval for Three Rivers as one of the partner authorities of the West Herts Crematorium Joint Committee, to enter into a loan facility agreement with Dacorum Borough Council for a loan facility of £6 million as part funding towards a c.£8 million development of a new crematorium in Hemel Hempstead.
Also to seek Council approval to sign a Deed of Contribution and Indemnity with all five partner authorities of the West Herts Crematorium Joint Committee and thereby underwriting one fifth of the loan should the joint committee default on repayment of the loan.

Decisions:

Council received the report of the Director of Finance which had been considered by Cabinet on 7 September 2020.  An extract of the minutes had been circulated with the agenda papers.  The report sought approval for Watford Borough Council to enter into a loan facility agreement on behalf of the West Herts Crematorium Joint Committee (WHCJC) and to sign a Deed of Contribution and Indemnity with all five member authorities of the WHCJC.

 

RESOLVED –

 

1.          that Watford, as one of the member authorities of the West Herts Crematorium Joint Committee, signs a loan facility agreement between Hertsmere Borough Council, St Albans City and District Council, Three Rivers District Council and Watford Borough Council as borrowers with Dacorum Borough Council as lender for £6 million to part fund a new Crematorium in Hemel Hempstead, subject to all the other 4 borrowing authorities passing similar resolutions;

 

2.          that Watford signs a Deed of Contribution and Indemnity with all five partner authorities of the West Herts Crematorium Joint Committee, namely Dacorum Borough Council, Hertsmere Borough Council, St Albans City and District Council, Three Rivers District Council and Watford Borough subject to all the other member authorities passing similar resolutions;

 

3.          that Council notes that in agreeing to (1) and (2) above that Watford are underwriting one fifth of the £6 million loan facility should the West Herts Crematorium Joint Committee default on repayment of the loan; and

 

4.          that delegated authority be given to the Director of Finance to agree the final terms of the loan and indemnity agreements.

            

Report author: Alison Scott

Publication date: 29/10/2020

Date of decision: 13/10/2020

Decided at meeting: 13/10/2020 - Council

Accompanying Documents:

 

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